Vena Energy, the Singapore-headquartered renewable energy company, holds the remaining 51% stake.
The project reached financial close in July 2026 after securing around $310 million in senior loans from a consortium of eight international banks.
The investment is the Climate Investment Fund's first in the Philippines. Norway's Minister of International Development, Åsmund Aukrust, said the investment is a "good example of mobilising private capital and preventing emissions through profitable investments in renewable energy."
The plant will be built in Bugallon within the coastal province of Pangasinan, northwestern Philippines, next to Vena Energy's existing 550 MW Bugallon solar power project. It is expected to generate enough electricity to power roughly 650,000 Philippine households annually once operational.